First Majestic Silver (NYSE:AG) Stock, Quote.Headers.trade-ideas

First Majestic Silver

First Majestic Silver Corp is engaged in the production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. It owns three producing mines, in Mexico consisting of the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

GATO

PAAS


The spot price of silver is roughly $35 per ounce, just below the highest level in over a decade. Alongside gold, which has repeatedly touched new record highs in recent months, the price of silver has skyrocketed amid

Silver Stocks, ETFs, or Bullion: What&#39;s the Best Bet Now?

Large,Stack,Of,Silver,Ingots.,3d,Illustration.

News

Commodities

Markets

This unexpected surge has put five short sellers at risk of substantial financial losses due to their large short positions in the metal.

Five US Banks Face Billions In Losses As Silver&#39;s Price Spike Hits Short Sellers Hard: Report

Kamala,Harris,,Vice,President,,Atlanta,,Usa,,July,30,,2024

Government

Regulations

Topics

Media

PPTA

Harris vows to strengthen US economy, reduce reliance on China, and boost domestic production of critical minerals to secure supply chains.

Harris Vows To Push &#39;America Forward,&#39; Stockpile Critical Minerals

First Majestic Silver Corp. Ordinary Shares (Canada)

First Majestic Silver Corp

African Gold Acquisition Corp Ordinary Shares - Class A

African Gold Acquisition Corp Warrants (01/01/9999)

Allied Gaming & Entertainment Inc. - Common Stock

Allied Gaming & Entertainment Inc

Allied Gaming & Entertainment Inc Warrants (09/08/2024)

ARGENTA SILVER CORP by ARGENTA SILVER CORP

Argenta Silver Corp

AGRINAM ACQ A REST VTG SH by Agrinam Acquisition Corp.

Agrinam Acquisition Corp

ALTAGAS LTD PFD CUM SER H by AltaGas Ltd.

African Gold Acquisition Corp Units (1 Ord Class A & 3/4 War)

AGBA ACQUISITION LTD WT EXP

ATLAS GLOBAL BRANDS INC by ATLAS GLOBAL BRANDS INC.

Atlas Global Brands Inc

GENSOURCE POTASH CORP ORD by Gensource Potash Corp.

Gensource Potash Corp

AGCO Corp

Andes Gold Corp

abrdn Global Dynamic Dividend Fund Common Shares of Beneficial Interest

Aberdeen Global Dynamic Dividend Fund

Ashley Gold Corp

Antioquia Gold Inc

Agri-Dynamics Inc

AltaGas Ltd Cum Red Pfd Registered Shs -E- Series -E-

Agenus Inc

Ageas SA/ NV

Digicann Ventures Inc

DIGICANN VENTURES INC by Digicann Ventures Inc.

AGF Management Ltd

Agrify Corp

iShares Core U.S. Aggregate Bond ETF

Toubani Resources Inc

Antilia Group Corp

Simplify Aggregate Bond ETF

AGRIOS GLOBAL HLDGS LTD by Agrios Global Holdings Ltd.

Agrios Global Holdings Ltd

Allied Energy Inc

AEGEAN AIRLS SA UNSP/ADR by Aegean Airls SA

Aegean Airlines SA

Harbor ETF Trust Harbor Disciplined Bond ETF

WisdomTree Yield Enhanced U.S. Aggregate Bond Fund

AG GROWTH INTL INC by AG Growth International Inc.

Ag Growth International Inc

Alamos Gold Inc

iShares U.S. ETF Trust iShares Inflation Hedged U.S. Aggregate Bond ETF

AgileThought Inc

AMERICAN GRAPHITE TECHS by American Graphite Technologies Inc.

American Graphite Technologies Inc

Agios Pharmaceuticals, Inc. - Common Stock

Agios Pharmaceuticals Inc

KraneShares Artificial Intelligence & Technology ETF

SingularityNET

Agilon Health Inc

T2 Metals Corp

Adventure Gold - United States Dollar

AUSTRAL GOLD LTD ORD by Austral Gold Ltd.

Austral Gold Ltd

ANGELALIGN TECH INC by Angelalign Technologies Inc.

Angelalign Technology Inc

AGL Energy Ltd

AGILITY REAL EST NEW by Agility Real Estate Inc.

Agility Real Estate Inc

ANGEL TELECOM CORP by Angel Telecom Corp.

ATLANTIS GLORY INC by Atlantis Glory Inc.

Atlantis Glory Inc

Federal Agricultural Mortgage Corporation Common Stock

Federal Agricultural Mortgage Corp

Asanuma Corp

AGM Group Holdings Inc. - Class A Ordinary Shares

AGM Group Holdings Inc

Themes Silver Miners ETF

Algoma Central Corp

AUGUSTUS MINERALS LTD by AUGUSTUS MINERALS LTD

Augustus Minerals Ltd

SILVER MTN RES INC by Silver Mountain Resources Inc.

Silver Mountain Resources Inc

Federal Agricultural Mortgage Corporation 5.700% Non-Cumulative Preferred Stock, Series D

Federal Agricultural Mortgage Corporation 5.750% Non-Cumulative Preferred Stock, Series E

Federal Agricultural Mortgage Corporation 5.250% Non-Cumulative Preferred Stock, Series F

Federal Agricultural Mortgage Corporation 4.875% Non-Cumulative Preferred Stock, Series G

AGNC Investment Corp

AGNC Investment Corp. - Depositary Shares Each Representing a 1/1,000th Interest in a Share of 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock

AGNC Investment Corp. - Depositary Shares rep 6.875% Series D Fixed-to-Floating Cumulative Redeemable Preferred Stock

AGNC Investment Corp. - Depositary Shares Each Representing a 1/1,000th Interest in a Share of 7.00% Series C Fixed-To-Floating Rate Cumulative Redeemable Preferred Stock

AGNC Investment Corp. - Depositary Shares, each representing a 1/1,000th interest in a share of Series E Fixed-to-Floating Cumulative Redeemable Preferred Stock

AGNC Investment Corp. - Depositary Shares Each Representing a 1/1,000th Interest in a Share of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

Global X Aging Population ETF

Agronomics Ltd

ALGERNON PHRMCTCLS A INC by Algernon Pharmaceuticals Inc.

Algernon Pharmaceuticals Inc

ARGENICA THERAPEUTICS LTD by ARGENICA THERAPEUTICS LTD.

AGAVENNY CORPORATION by Agavenny Corporation

Agavenny Corp

Assured Guaranty Ltd

Abengoa SA

AGORA HOSPITALITY GRP CO by AGORA HOSPITALITY GROUP CO LTD.

Agora Hospitality Group Co Ltd

Exchange Listed Funds Trust ETC Gavekal Asia Pacific Government Bond ETF

Abengoa SA Warrants - Class A (31/03/2025)

Adaptive Alpha Opportunities ETF

APPLE GREEN HOLDING INC by Apple Green Holding, Inc.

ANGLO PLATINUM LTD ORD by Anglo American Platinum Ltd.

Anglo American Platinum Ltd

AGILE PROPERTY HLDGS LTD by Agile Group Holdings Limited

Agile Group Holdings Ltd

AGILE GRP HLDGS UNSP/ADR by Agile Group Holdings Limited

ProShares Ultra Silver

First Trust Exchange-Traded Fund VIII First Trust Active Global Quality Income ETF

ALGONQUIN PWR&UTY PFD D by Algonquin Power & Utilities Corp

Algonquin Power & Utilities Corp

Avangrid Inc Com

Minnova Corp

Argonaut Resources NL

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>) with a Buy and maintains $11 price target.

Price Target

Reiteration

Analyst Ratings

HC Wainwright & Co. Reiterates Buy on First Majestic Silver, Maintains $11 Price Target

WIIM

GOLD

SBSW

SSRM

Shares of precious metals stocks are trading lower amid a drop in gold prices following US economic data.

Shares of silver companies are trading lower amid a drop in the price of the commodity.

Shares of precious metals stocks are trading higher amid strength in gold and silver prices. Gold may be rising amid reports of renewed China Central Bank purchases as well as geopolitical uncertainty following Assad's ouster in Syria.

SAND

Shares of metals and materials companies are trading lower. The sector may be reacting to China's recent stimulus efforts which have struggled to buoy the economy and business conditions.

First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>) reported quarterly losses of $(0.03) per share which missed the analyst consensus estimate of $0.01 by 400 percent. The company reported quarterly sales of $146.100 million which beat the analyst consensus estimate of $142.000 million by 2.89 percent. This is a 9.68 percent increase over sales of $133.200 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

First Majestic Silver Q3 2024 Adj. EPS $(0.03) Misses $0.01 Estimate, Sales $146.100M Beat $142.000M Estimate

First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>) is preparing to release its quarterly earnings on Thursday, 2024-11-07. Here's a brief overview of what investors should keep in mind before the announcement.
Analysts expect First Majestic Silver to report an earnings per share (EPS) of $0.01.
The market awaits First Majestic Silver's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.
It's important for new investors to understand that guidance can be a significant driver of stock prices.
<h3>Earnings History Snapshot</h3>
The company's EPS missed by $0.06 in the last quarter, leading to a 5.42% drop in the share price on the following day.
Here's a look at First Majestic Silver's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-0.01</td>
<td>-0.05</td>
<td>-0.04</td>
<td>0.02</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-0.07</td>
<td>-0.06</td>
<td>-0.03</td>
<td>-0.04</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-5.0%</td>
<td>5.0%</td>
<td>4.0%</td>
<td>9.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730908860_0.png" alt="eps graph" />
<h3>Market Performance of First Majestic Silver's Stock</h3>
Shares of First Majestic Silver were trading at $6.9 as of November 05. Over the last 52-week period, shares are up 44.3%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/AG/earnings">To track all earnings releases for First Majestic Silver visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Examining the Future: First Majestic Silver's Earnings Outlook

Silver prices have <a href="https://pro.benzinga.com/dashboard">experienced a significant increase</a>, rising over 6% to exceed $33.6 per ounce. This unexpected surge has put five U.S. banks at risk of substantial financial losses due to their large short positions in the metal.
What Happened: The recent spike in silver prices has led to potential losses for these banks, estimated at billions of dollars, according to a report <a href="https://thesilverindustry.substack.com/p/banks-losing-billions-in-their-immoral">by</a> The Silver Academy.
The Commodities Futures Trading Commission (CFTC) reports that open interest in silver futures contracts has reached 141,580 contracts, each representing 5,000 ounces.
This amounts to approximately 707.9 million ounces, nearly equaling a year&#8217;s global silver production. With silver prices increasing by $1.84 per ounce, these short positions are now estimated to be underwater by $1.3 billion.
"This behavior undermines market integrity and could have far-reaching consequences for both the financial sector and industries that depend on stable silver prices," said The Silver Academy.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41426422/jim-cramer-says-this-energy-stock-is-a-buy-it-can-make-money-even-at-these-levels?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Says This Energy Stock Is A Buy: &#8216;It Can Make Money Even At These Levels&#8217;</a>
The concentration of these short positions among just five U.S. banks has raised concerns among industry analysts. Critics argue that this level of short-selling artificially depresses silver prices, despite strong industrial demand from sectors like electric vehicles and solar panels.
"Silver is viewed as the relatively cheap sibling to gold, and as gold continues to reach fresh record highs and copper hits a 2 1/2 month high, traders took it through resistance at $32.50," said Ole Hansen, head of commodities strategy at Saxo Bank A/S, according to a report <a href="https://www.bloomberg.com/news/articles/2024-09-26/silver-surges-to-the-highest-since-2012-as-precious-metals-rally">by</a> Bloomberg.
Concerns about market integrity and potential supply shortages have emerged, with some fearing a sharp price increase could force banks to buy back large quantities of silver, leading to significant losses.
Why It Matters: The surge in silver prices comes amid a backdrop of increasing investor interest in precious metals. Robert Kiyosaki, a renowned investor, <a href="https://www.benzinga.com/news/24/10/41305328/robert-kiyosaki-predicts-stock-market-crash-says-invest-in-gold-silver-and-bitcoin">predicted a potential stock market crash</a> and emphasized the importance of investing in gold, silver, and Bitcoin. His remarks highlight a growing trend of investors seeking defensive assets in uncertain market conditions.
Additionally, on Monday, significant options activity was observed in First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>), with a notable bullish sentiment among investors. This activity suggests a heightened interest in silver, possibly anticipating further price increases.
Furthermore, on Wednesday, attention was drawn to a silver breakout amid rising dollar demand linked to <a href="https://www.benzinga.com/general/market-summary/24/10/41494925/attention-to-silver-breakout-dollar-demand-surges-on-trump-election-prospects">election prospects</a>, indicating broader market dynamics influencing silver prices.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41508872/elon-musk-apologizes-to-long-suffering-deposit-holders-of-new-tesla-roadster-but-says-the-delay-is-c">Elon Musk Apologizes To &#8216;Long Suffering&#8217; Deposit Holders Of New Tesla Roadster, But Says The Delay Is &#8216;Cherry On The Icing On The Cake&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Five US Banks Face Billions In Losses As Silver's Price Spike Hits Short Sellers Hard: Report

Deep-pocketed investors have adopted a bullish approach towards First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in AG usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for First Majestic Silver. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 57% leaning bullish and 42% bearish. Among these notable options, 2 are puts, totaling $87,290, and 12 are calls, amounting to $455,856.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $5.5 to $15.0 for First Majestic Silver over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for First Majestic Silver's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of First Majestic Silver's whale trades within a strike price range from $5.5 to $15.0 in the last 30 days. 
<h3>First Majestic Silver Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729543530_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>AG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$0.8</td>
<td>$0.7</td>
<td>$0.79</td>
<td>$15.00</td>
<td>$51.0K</td>
<td>22.0K</td>
<td>900</td>
</tr>
<tr>
<td>AG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$2.19</td>
<td>$2.15</td>
<td>$2.15</td>
<td>$9.00</td>
<td>$49.6K</td>
<td>81</td>
<td>314</td>
</tr>
<tr>
<td>AG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.24</td>
<td>$1.23</td>
<td>$1.24</td>
<td>$7.00</td>
<td>$49.6K</td>
<td>30.5K</td>
<td>1.8K</td>
</tr>
<tr>
<td>AG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$0.42</td>
<td>$0.39</td>
<td>$0.39</td>
<td>$8.00</td>
<td>$46.8K</td>
<td>9.4K</td>
<td>1.8K</td>
</tr>
<tr>
<td>AG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/25/24</td>
<td>$1.55</td>
<td>$1.52</td>
<td>$1.53</td>
<td>$6.00</td>
<td>$45.5K</td>
<td>874</td>
<td>325</td>
</tr>
</tbody>
</table>

<h3>About First Majestic Silver</h3>
First Majestic Silver Corp is engaged in the production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. It owns three producing mines, in Mexico consisting of the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.
After a thorough review of the options trading surrounding First Majestic Silver, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Present Market Standing of First Majestic Silver</h3>
<ul>
<li>Trading volume stands at 16,724,600, with AG's price up by 4.11%, positioned at $7.6.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 14 days.</li>
</ul>
<h3>What The Experts Say On First Majestic Silver</h3>
1 market experts have recently issued ratings for this stock, with a consensus target price of $8.5.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from HC Wainwright &amp; Co. downgraded its action to Buy with a price target of $8. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for First Majestic Silver with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Decoding First Majestic Silver's Options Activity: What's the Big Picture?

Shares of precious metals stocks are trading higher as gold and silver rise amid macro uncertainty, which has been attributed to Middle East conflict and the upcoming US presidential election.

Shares of precious metals stocks are trading higher amid a rise in the price of gold and silver.

First Majestic Silver shares are trading higher. HC Wainwright & Co. reiterated a Buy rating on the stock.

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>) with a Buy and maintains $8.5 price target.

HC Wainwright & Co. Reiterates Buy on First Majestic Silver, Maintains $8.5 Price Target

Vice President Kamala Harris has vowed to establish a national stockpile of critical minerals, citing their importance for economic and national security. This initiative forms part of her broader $100 billion industrial policy proposal, unveiled Wednesday, which includes various measures to strengthen the <a target="_blank" href="https://www.benzinga.com/topic/us-economy" rel="noreferrer noopener">U.S. economy</a>.
Harris's &#8220;America Forward&#8221; agenda aims to reduce the U.S. <a target="_blank" href="https://www.benzinga.com/markets/commodities/24/04/38114381/critical-minerals-race-heats-up-us-eu-challenge-chinas-dominance" rel="noreferrer noopener">reliance on foreign sources</a>, particularly China, for these crucial resources. The strategy proposes new incentives, including tax credits, and potentially invoking the Defense Production Act to boost domestic processing capabilities.
As reported by Bloomberg, Kamala Harris&#8217; campaign stated that enhanced domestic production and other sustainable initiatives would strengthen critical mineral supply chains with allies and partners. This includes encouraging investments that boost the production of these resources in the U.S. and among allied countries.
Critical minerals, including lithium, cobalt, and rare earth elements, are essential for modern technology and defense applications. These materials are indispensable for producing electric vehicle batteries, semiconductors, and military equipment. China currently dominates the global processing of many minerals, posing a strategic vulnerability for the U.S. As demand for clean energy and advanced technology grows, securing a steady supply of these minerals has become a top priority.
President Biden's administration has already <a target="_blank" href="https://www.benzinga.com/markets/esg/24/03/37914506/bidens-475m-for-mining-aims-to-power-communities-hit-hardest-by-our-evolving-energy-landscape" rel="noreferrer noopener">made significant strides</a> in addressing this issue. Through initiatives like Executive Order 14017, Biden ordered a comprehensive review of critical mineral supply chains, leading to billions in investments to strengthen domestic capabilities. Since Biden took office, more than $120 billion has been committed to building battery and critical mineral supply chains, creating over 250,000 energy jobs, and ensuring future demand for essential materials like lithium and cobalt is met.
Despite these efforts, the U.S. mining sector still needs to overcome significant challenges. Domestic mining projects take <a target="_blank" href="https://www.benzinga.com/news/24/07/39870803/us-mine-development-delays-among-worlds-longest-second-only-to-zambia" rel="noreferrer noopener">nearly 29 years </a>to move from discovery to production, according to a study from S&amp;P Global published in July.
This timeline is significantly longer than in countries like Canada and Australia, where litigation risks and regulatory hurdles are much lower. These factors have slowed progress and discouraged private-sector investment in U.S. mining ventures.
Still, the push to increase domestic production of critical minerals has gained bipartisan support, as Republicans and Democrats recognize its strategic importance.
Thus, regardless of the outcome of the upcoming election, the U.S. will likely continue prioritizing critical mineral production, securing the nation's needs for the energy transition.
Read Next: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41038172/amid-resistance-from-harris-and-trump-nippon-steel-scores-favorable-arbitration-ruling-in-14-9b-" rel="noreferrer noopener">Amid Resistance From Harris And Trump, Nippon Steel Scores Favorable Arbitration Ruling In $14.9B US Steel Acquisition Deal</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!
Photo via Shutterstock

Harris Vows To Push 'America Forward,' Stockpile Critical Minerals

Guidance

Gatos Silver Extends Cerro Los Gatos Mine Life To 2032, Increases Production Estimates By 36%, And Announces Acquisition By First Majestic Silver; Free Cash Flow Projected At $80M Annually With Significant Exploration And Growth Opportunities

Hycroft Mining Holding Corporation - Class A Common Stock

HYMC

Shares of precious metals stocks are trading higher as gold and silver rise amid a drop in the US dollar following recent economic data.

Shares of precious metals stocks are trading higher as gold and silver rise amid a drop in the US dollar following recent inflation data.

Gold mining stocks, as tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), are enjoying a stellar rally, rising 4.3% by 11 a.m. ET, on track for its largest one-day <a href="https://www.benzinga.com/topic/mining">gain since early March.</a>
The rally in miners was driven by a surge in gold prices, which jumped 1.6% to reach an all-time high of over $2,550 per ounce on Thursday, fueled by economic data and central bank interest rate decisions.
In the U.S., the latest producer inflation report for <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40831982/producer-inflation-slows-to-1-7-yearly-in-august-jobless-claims-align-with-expect">August showed mixed results.</a> Both the headline and core Producer Price Index (PPI) exceeded monthly expectations, but on an annual basis, they fell short. 
The European Central Bank (ECB) reduced its deposit facility rate <a href="https://www.benzinga.com/government/24/09/40831961/european-central-bank-cuts-key-interest-rates-as-inflation-cools">by 25 basis points</a>, bringing it to 3.5%. The ECB noted it is "appropriate to take another step in moderating the degree of monetary policy restriction." 
This move has increased demand for gold as a safe-haven asset amid lower interest rates in Europe and expectations for a similar 25-basis-point drop in the U.S. fed funds rate next week. 
<h1 class="wp-block-heading">Analyst Takeaways</h1>
Otavio Costa, macro strategist at Crescat Capital, highlighted that Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), the second-largest gold miner globally, has reported its lowest annual gold production in more than 20 years. 
&#8220;From this perspective, today's environment closely resembles the 1970s,&#8221; Costa wrote in a post on social media platform X.
Back then low gold prices led major mining companies to shift their focus to other metals, just before gold experienced one of the most significant bull runs in history. 
Today, miners are once again diversifying into base metals, not due to low gold prices, but to capitalize on the growing demand for materials critical to electrification, like copper. 
However, this time the shift isn&#8217;t driven by low prices, but by a strategic move to increase exposure to base metals like copper, which are crucial for electrification and have attracted institutional capital. 
Costa argues that neglect of gold, in favor of base metals, is a potential opportunity. With fewer companies exploring and developing new gold projects, he sees several pathways for gold prices to rise, making gold-only investments particularly attractive.
However, Costa sees the limited supply as a bullish catalyst for gold, stating, "I believe it's time to be greedy when others are being fearful."
<h1 class="wp-block-heading">Thursday&#8217;s Seven Top Performing Gold Miners</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>NAME</td>
<td>% RETURN (1-DAY)</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>14.52</td>
</tr>
<tr>
<td>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>10.04</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>9.96</td>
</tr>
<tr>
<td>Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)</td>
<td>9.94</td>
</tr>
<tr>
<td>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>)</td>
<td>8.09</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>7.18</td>
</tr>
<tr>
<td>New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) </td>
<td>7.01</td>
</tr>
</tbody>
</table>
</figure>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40833654/gold-reaches-record-high-as-dollar-weakens-on-soft-producer-inflation-data-wall-street-eyes-four">Gold Reaches Record High As Dollar Weakens On Soft Producer Inflation Data; Wall Street Eyes Fourth Day Of Gains</a></li>
</ul>
Photo: Shutterstock

Equities

Macro Economic Events

Sector ETFs

Econ #s

Economics

ETFs

Market Vectors ETF Trust Market Vectors Gold Miners

Gold Miners Eye Best 1-Day Rally In 6 Months As Gold Hits Fresh Record Highs: 'Today's Environment Closely Resembles The 1970s'

First Majestic Silver Corp. shares are trading lower after the company announced an agreement to acquire Gatos Silver.

First Majestic Silver: A Soft Q3 Operationally With Continued Share Dilution

Bullish option flow detected in First Majestic (AG) Silver with 9,650 calls trading, 1.9x expected, and implied vol increasing almost 3 points to 5...

First Majestic Silver call volume above normal and directionally bullish

An update from First Majestic Silver ( ($TSE:AG) ) is now available. First Majestic Silver Corp. announced a total production of 5.7 million silver...

First Majestic Silver Corp. Marks Increased Production and Record Safety Performance in Q4 2024

In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on First Majestic Silver (AG – Research Report), with a price t...

First Majestic Silver: Buy Rating Affirmed Amid Operational Improvements and Strategic Acquisition

Gold Mining Stocks: Winners And Losers At The Start Of 2025

In a report released today, Ovais Habib from Scotiabank maintained a Hold rating on First Majestic Silver (AG – Research Report), with a price targ...

Scotiabank Keeps Their Hold Rating on First Majestic Silver (AG)

Catalyst Watch: Bank earnings, oil updates, powerhouse conferences in retail and healthcare

First Majestic Silver, Gatos Silver shareholders approve merger deal

First Majestic Silver ( ($TSE:AG) ) has shared an update. First Majestic Silver Corp. has received shareholder approval for its acquisition of Gato...

First Majestic Secures Shareholder Approval for Gatos Silver Acquisition

Gatos Silver (GATO) announced that Gatos Silver's stockholders have voted to adopt the proposal related to the previously announced merger agreemen...

Comments

First Majestic Silver

First Majestic Silver (AG) Forecast

First Majestic Silver (NYSE:AG) Stock, Quote.Headers.trade-ideas

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga